The Spanish mega-bank, Santander, who is a Devcon2 Gold Sponsor, announced their partnership with Ether.Camp to create “Cash Eth”.
There was a big reveal at Devcon2 in Shanghai when Ether.camp founder, Roman Mandeleil, took to the stage to present their latest efforts in merging Ethereum with real-world uses. The concept of Cash Eth allows users to link an Ethereum address with their official Santander bank account. The announcement to issue cash on a live public blockchain comes as one of the biggest breakthroughs and tangible use-cases in blockchain technology. Cash Eth is currently running on the Ethereum testnet, Morden, and Mandeleil states, “it’s a working system on the test network.”
Roman Mandeleil told IBTimes UK:
"It's a way of using a Santander bank account to convert fiat currency into tokens to be used on Ethereum.
It gives them a very nice way to do features. One of those is going to take dollars, put them in a frozen account, and give you an amount of tokens that is backed by this reserve.
So it's not a gold reserve but it's a dollar reserve. You are going to upload these tokens into the blockchain and you are going to have the stability of real dollars or euros. And you are going to have the agility of Ethereum blockchain.”
Mandeleil also announced that he hopes Cash Eth will be live next year, and is heading to Madrid after Devcon2 to continue his work with Santander. He was hoping it would be live in a matter of months, but dealing with banking systems has presented a lot of roadblocks.
Check out the demo video by ether.camp: